Income Producing Office For Sale - 1121 Mall Drive

Office for Sale
Catylist Listing ID: 28283321
Property Subtypes: Medical, Office Building
Building Size (RSF): 5,327 SF
Gross Building Area: See Agent
Gross Land Area: 21,205 SF
Sale Price: $852,320
Unit Price: $160 PSF
Property Use Type: Investment
Class of Space: Class A
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: Undisclosed
Last Updated: 5/15/2017

Overview / Comments

A very functional medical facility available for sale. Currently occupied by two tenants, the facility has the ability to be divided into four separate suites for a variety of uses moving forward. Located just off Telshor Blvd between Memorial Medical Center and Mountain View Hospital. Please also see other possibilities in same corridor: 1141 Mall Drive, 1160 Mall Drive and 1180 Mall Drive - all properties can be combined as one sale as they are held by the same ownership.

Financials

Finance Data Year 2011
Real Estate Taxes - Annual($) $5,534 (Annual)
Tax Value Land $143,100
Tax Value Improvements $378,937
Assessed Value - Total($) $522,037 (Annual)
Gross Operating Income $87,384 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Las Cruces Pet/CT Imaging
Is Renting? Yes
Suite Number C & D
SF of Space Occupied 3,614 SF
Current Rent $17 PSF (Annual)
Lease Expiration 3/2015
Options Current lease term expires 03/2015. Tenant has One (1) Seven (7) year option period with CPI increase.
Tenant Notes Triple Net Lease. Landlord pays $180.00 per month for common area maintenance & water for landscaping.
Tenant Business Name Quest Diognostics
Is Renting? Yes
Suite Number A,B
SF of Space Occupied 1,720 SF
Current Rent $15 PSF (Annual)
Lease Expiration 12/2013
Options One (1) Three (3) year option at CPI increase.
Tenant Notes Double net lease, Landlord pays property taxes. Landlord also pays $180.00 per month for common area maintenance & water for landscaping.
Tenant Business Name Las Cruces Pet/CT Imaging
Is Renting? Yes
Suite Number C & D
SF of Space Occupied 3,614 SF
Current Rent $17 PSF (Annual)
Lease Expiration 3/2015
Options Current lease term expires 03/2015. Tenant has One (1) Seven (7) year option period with CPI increase.
Tenant Notes Triple Net Lease. Landlord pays $180.00 per month for common area maintenance & water for landscaping.
Tenant Business Name Quest Diognostics
Is Renting? Yes
Suite Number A,B
SF of Space Occupied 1,720 SF
Current Rent $15 PSF (Annual)
Lease Expiration 12/2013
Options One (1) Three (3) year option at CPI increase.
Tenant Notes Double net lease, Landlord pays property taxes. Landlord also pays $180.00 per month for common area maintenance & water for landscaping.

Additional Details

Nearest MSA: Las Cruces
County: Dona Ana
Tax ID/APN: 02-17975
Zoning: O-2
Market Type: Medium
Property Located Between: Espina and Telshor on Mall Drive
Side of Street: South
Road Type: Paved
Property Visibility: Excellent
Highway Access: Very close access to I-25 which leads to I-10 interchange and Hwy 70 interchange.
Airports: El Paso International Airport
Area Description: Located between the two major hospitals.
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 2003
Exterior Description: Ownership
Parking Type: Surface
Total Parking Spaces: 24

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,448 69,106 106,105
Median Age: 30.6 33.89 34.86
Households: 6,500 28,514 42,538

Contact

Photograph of Listing Agent

Kary Bulsterbaum

Steinborn/TCN Commercial Real Estate
CARNM Member
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